Property News Roundup 4th November 2024
- Govt cuts 2025 budget expenditure to $9.3 billion
The Cambodian government has approved a draft budget of approximately $9.32 billion for 2025, down from $9.54 billion in 2024. This budget, representing 18.14% of GDP, was approved during a cabinet meeting chaired by Prime Minister Hun Manet on October 25. The budget aims to support ongoing efforts to maintain and enhance Cambodia’s achievements while preparing for future development. Key priorities include institutional capacity building, human capital development, infrastructure maintenance, and economic diversification.The Cambodian economy is projected to grow by 6.3% in 2025, with the GDP expected to reach around $51.39 billion. The industrial sector, particularly garment and construction, is anticipated to grow by 8.6%, while the service sector, including tourism, transport, telecom, trade, and real estate, is expected to increase by 5.6%. The agriculture sector is projected to grow by 1.1%, and inflation is forecasted to be around 2.5%. The per capita income is expected to reach $2,924 in 2025.The budget preparation considers global economic uncertainties, including geopolitical tensions and slow growth in major trade partner countries. The draft budget bill will be submitted to the National Assembly for review and approval.
October 28, 2024 | Khmer Times | Link:t.ly/RnzqB
- Cambodia attracts 4.8 million international tourists in first nine months of 2024; 22% increase from same period in 2023
Cambodia welcomed 4.8 million international tourists from January to September 2024, marking a 22% increase compared to the same period in 2023. Tourism Ministry data shows that Vietnamese tourists were the most frequent visitors, followed by those from China and Thailand. The boost is attributed to Cambodia’s focused promotional efforts, improved transportation infrastructure, and favorable visa policies. The tourism sector is crucial for Cambodia’s economy, and officials are optimistic about surpassing pre-pandemic levels by 2025.
October 28th, 2024 | The Star | Link:t.ly/zbl8F
- Cambodia ranks third in cashew cultivation area
Cambodia ranks third globally in cashew cultivation, with 580,117 hectares under production, according to the Ministry of Agriculture, Forestry and Fisheries. Major cashew-growing provinces include Kampong Thom, Kratie, and Ratanakiri. The data, collected through satellite technology and AI since 2021, offers accurate mapping and aims to support strategic agriculture policy. Officials highlighted cashew’s market value due to its quality and size, emphasizing it as a key crop alongside rice.
October 28th, 2024 | Khmer Times | Link:t.ly/-XkW4
- Cambodia attracts $443 million in new FDI
Cambodia attracted $443 million in new foreign direct investment (FDI) recently, reflecting investor confidence and a strengthening business environment. Key investment sectors include manufacturing, agriculture, tourism, and energy, helping to drive Cambodia’s economic growth. The government’s pro-business reforms, combined with regional trade agreements, have made Cambodia an attractive destination for FDI.
October 25th, 2024 | Khmer Times | Link:t.ly/3SXMi
- AirAsia Expands International Routes; New Flights To India, Vietnam, And Cambodia
AirAsia has expanded its international routes, launching new flights to India, Vietnam, and Cambodia to meet increasing demand. This expansion supports AirAsia’s strategy to boost connectivity across key Asian destinations, making travel more accessible and affordable. The new routes aim to strengthen regional tourism and offer more options for travelers.
October 29th, 2024 | News18 | Link:t.ly/aiUvK
- Cambodia Cabinet: GDP per capita tipped to jump 40% in 2025
Cambodia’s GDP per capita is projected to grow by 40% by 2025, driven by the government’s ambitious economic strategy to reach a 6.3% growth rate. The plan focuses on key sectors, including agriculture, industry, and services, alongside a commitment to public investment and private sector collaboration. The cabinet expects this growth to boost per capita income and enhance living standards across the country. Additional measures include policy reforms, infrastructure development, and initiatives to strengthen regional trade ties, aiming to position Cambodia as a competitive economy in Southeast Asia.
October 29th, 2024 | The Star | Link:t.ly/VdVPk
- Tyre manufacturer Sailun plans to build an industrial park in Cambodia
Chinese tire manufacturer Sailun plans to establish a major industrial park in Cambodia, aimed at enhancing its production and supply chain capabilities in Southeast Asia. The project aligns with Cambodia’s goals of attracting large-scale investments and advancing its industrial sector. Expected to generate significant employment opportunities, the facility will also focus on sustainable production practices and technology-driven operations. This move reflects Sailun’s strategy to strengthen its international presence and leverage Cambodia’s favorable investment climate.
November 1st, 2024 | Khmer Times | Link:t.ly/FuegC
- Cambodia’s economy projected to grow at 6.3% in 2025: Draft budget
Cambodia’s economy is set to grow by 6.3% in 2025, according to a draft budget from the Ministry of Economy and Finance. This forecasted growth is backed by projected improvements in various sectors, including agriculture, industry, and services, alongside strategic government policies to enhance public investment, infrastructure, and trade. With these efforts, Cambodia aims to boost its GDP and per capita income, supporting a stable economic trajectory in the coming years.
November 1st, 2024 | Fibre2fashion | Link:t.ly/SR9xZ
- DB Invests $80 Million to Enhance Secondary Education in Cambodia
The Asian Development Bank (ADB) has approved an $80 million loan to enhance upper secondary education in Cambodia as part of the government’s Secondary Education Blueprint 2030. This funding aims to improve access and quality of education, align it with 21st-century skills, and strengthen pathways to post-secondary education. The initiative addresses challenges like low completion rates and focuses on infrastructure, teacher training, and curriculum development. It seeks to bolster Cambodia’s workforce for a knowledge-based economy, promoting economic growth and social development.
November 1st, 2024 | FASI | Link:t.ly/fJVTs
- Three more airlines line up to connect Siem Reap
Three additional airlines plan to establish routes connecting to Siem Reap, enhancing accessibility to the popular tourist destination known for Angkor Wat. This development reflects a growing interest in expanding aviation services in Cambodia, aligning with the country’s efforts to boost tourism and stimulate economic growth. The new routes are expected to improve travel options for both tourists and locals, further integrating Siem Reap into the regional tourism network.
November 1st, 2024 | The Phnom Penh Post | Link:t.ly/_2LSY